I Need National Assembly Approval For New External Loans – Buhari

Nigeria’s President, Muhammadu Buhari has come out to say that he has requested the National Assembly to approve external loans.

This was recently revealed in a letter addressed to both chambers of the National Assembly and read on the floor at the resumption of plenary by the presiding officer.

According to him, he is also seeking Nigeria’s legislature’s approval for grant components of $125 million in the 2018-2020 external rolling borrowing plan.

He added that the projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.

The letter read, “I write on the above subject and submit the attached addendum to the proposed 2018-2020 external rolling borrowing plan for the consideration and concurrent approval of the senate for the same to become effective.”

“The distinguished Senate President may recall that I submitted a request on 2018-2020 borrowing plan for the approval of the senate in May 2021.”

“However, in view of other emerging needs and to ensure that all critical projects approved by Federal Executive Council as of June 2021 are incorporated, I hereby forward an addendum to the proposed borrowing plan.”

“The projects listed in the external borrowing plan are to be financed through sovereign loans from the World Bank, French Development Agency, EXIM Bank and IFAD in the total sum of $4,054,476,863 and €710 million and grant components of $125 million.”

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Muhammadu Buhari GCFR (born 17 December 1942) is a Nigerian politician currently serving as the President of Nigeria, in office since 2015. He is a retired major general in the Nigerian Army and previously served as the nation’s head of state from 31 December 1983 to 27 August 1985, after taking power in a military coup d’état. The term Buharism is ascribed to the Buhari military government.

He unsuccessfully ran for the office of president of Nigeria in the 2003, 2007, and 2011 general elections. In December 2014, he emerged as the presidential candidate of the All Progressives Congress for the March 2015 general elections. Buhari won the election, defeating the incumbent President Goodluck Jonathan. This marked the first time in the history of Nigeria that an incumbent president lost to an opposition candidate in a general election. He was sworn in on 29 May 2015. In February 2019, Buhari was re-elected President, defeating his closest rival Atiku Abubakar by over 3 million votes.

Buhari has stated that he takes responsibility for anything over which he presided during his military rule, and that he cannot change the past. He has described himself as a “converted democrat”.

Muhammadu Buhari was born to a Fulani family on 17 December 1942, in Daura, Katsina State, to his father Hardo Adamu, a Fulani chief, and mother Zulaihat. He is the twenty-third child of his father. Buhari was raised by his mother, after his father died when he was about four years old.